Some of the urgency is gone for a Fed rate hike in September after a soft jobs report

Weaker employment data has cooled market expectations for a rate increase at the Fed's September meeting, though a hike remains possible pending upcoming inflation prints. This shifts the near-term focus from labor-market strength to whether CPI and PCE will give officials cover to hold or move rates higher. For traders, this means reduced near-term rate-hike premium in bonds and USD, and likely increased volatility around the next inflation releases.

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